Higher Yield or Long-Term Dividend Growth? FDVV vs. NOBL
Key Points
FDVV has delivered a much higher one-year return and offers a higher dividend yield than NOBL
NOBL holds fewer stocks and leans toward consumer defensive and industrials, while FDVV is tech-heavy and more concentrated at the top
FDVV is less expensive to own, but has experienced a slightly deeper drawdown over five years
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Fidelity High Dividend ETF (NYSEMKT:FDVV) and ProShares S&P 500 Dividend Aristocrats ETF (NYSEMKT:NOBL) differ on cost, yield, recent returns, and sector tilt -- with FDVV carrying a lower expense ratio, higher dividend yield, and a stronger tech weighting, while NOBL emphasizes dividend consistency and defensive sectors.
Both NOBL and FDVV target U.S. equity income, but their approaches lead to notably different portfolios and outcomes. This comparison looks at cost, performance, risk, portfolio makeup, and unique characteristics to help investors weigh which ETF could better fit their needs.
Snapshot (cost & size)
| Metric | NOBL | FDVV |
|---|---|---|
| Issuer | ProShares | Fidelity |
| Expense ratio | 0.35% | 0.15% |
| 1-yr return (as of 2026-04-22) | 13.2% | 29.8% |
| Dividend yield | 2.1% | 3.0% |
| Beta | 0.81 | 0.84 |
| AUM | $11.06 billion | $8.5 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
FDVV stands out as the more affordable option with a 0.15% expense ratio, undercutting NOBL’s 0.35%. FDVV also provides a higher dividend yield at 2.8%, compared to NOBL’s 2.1%, which may appeal to those seeking both income and cost efficiency.
Performance & risk comparison
| Metric | NOBL | FDVV |
|---|---|---|
| Max drawdown (5 y) | -17.92% | -20.15% |
| Growth of $1,000 over 5 years | $1,331 | $1,883 |
What's inside
The Fidelity High Dividend ETF targets companies with attractive and sustainable dividends and currently holds 119 positions, with a notable tilt toward technology (26%), financial services (18%), and consumer cyclical (15%) sectors. Its top three holdings -- Nvidia Corp (NASDAQ:NVDA), Apple Inc (NASDAQ:AAPL), and Microsoft Corp (NASDAQ:MSFT) -- make up a substantial portion of the portfolio, reflecting its concentration in large-cap tech. The fund’s 9.6-year history and sector tilts have contributed to its recent outperformance and higher yield.
NOBL, by contrast, is built around S&P 500 companies with at least 25 consecutive years of dividend growth, resulting in a portfolio of 70 stocks that is more evenly weighted. It leans toward consumer defensive (24%), industrials (20%), and financial services (12%), with top holdings like Caterpillar Inc (NYSE:CAT), Target Corp (NYSE:TGT), and Linde Plc (NASDAQ:LIN). This focus brings a defensive quality and a bias toward stability over higher yield or aggressive growth.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
The Fidelity High Dividend ETF (FDVV) and the ProShares S&P 500 Dividend Aristocrats ETF (NOBL) both fall under the dividend ETF category, but they are built around different approaches to income. The Fidelity High Dividend ETF combines a higher current yield with exposure to large-cap companies that have recently dominated market performance, while the ProShares S&P 500 Dividend Aristocrats ETF focuses on companies that have raised dividends for at least 25 consecutive years.
FDVV’s portfolio may look different from what investors expect from a high-dividend strategy. Its exposure to companies like Nvidia, Apple, and Microsoft means returns are influenced not only by dividend yield but also by broader market leadership and growth trends. NOBL follows a stricter dividend-growth requirement and uses an equal-weighted structure, which reduces reliance on the largest holdings and spreads exposure more evenly across established dividend growers.
For investors, the distinction comes down to the type of income strategy you prefer. The Fidelity High Dividend ETF offers a higher current yield, but its results can be influenced by the same large-cap leaders that drive broader market performance. The ProShares S&P 500 Dividend Aristocrats ETF provides lower yield, but its focus on long records of dividend growth and more balanced weighting may appeal to investors seeking consistency across market cycles.
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Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Apple, Caterpillar, Microsoft, Nvidia, ProShares S&P 500 Dividend Aristocrats ETF, and Target. The Motley Fool recommends Linde. The Motley Fool has a disclosure policy.
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